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Foreign buyers to drive Bangkok property market improvement in 2022

Bangkok real estate-IFM-image

Bangkok’s property market is set to improve in 2022 due to a balanced demand among foreign buyers, according to Thailand-based property experts. There is a growing interest in Thai properties among Chinese buyers. Demands are only going to ease as borders are opened and travel restrictions are lifted.

Suphin Mechuchep, chairperson of property consultant JLL Thailand told the media, “Those working at the office for three days and at home for two days may create new requirements. Growing demand will also derive from the gig economy with gig workers from other countries and digital nomads around the world.

“We should prepare the public health system and pandemic controls like last year, while at least 80 percent of people in Bangkok and major destinations should be vaccinated in order to build foreign buyers’ confidence in a short period.”

Another expert also revealed that the reason Chinese buyers are interested in properties in Bangkok is that the annual yield is over 5 percent and the low cost of living in the capital. While some Chinese residents look for a second home in Thailand post-retirement.

Earlier this month, it was reported that developers in Thailand will start auctioning unsold homes online at deep discounts. Around 120 flats across Thailand will be made available for bidding on an online property portal. The flats will go on sale next month and are expected to be offered at a 20 to 40 percent below discount.

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